Win Semiconductors Corp. · TPEX:3105
Win Semiconductors — Q1 2021 Earnings Presentation
13 slides from Win Semiconductors's earnings presentation, Apr 29, 2021
Slide 1: WIN Semiconductors 1Q2021 Investor Conference
WIN Semiconductors 1Q2021 Investor Conference April 2021 WIN Semiconductors Confidential
Slide 2: Safe Harbor Notice
Safe Harbor Notice This presentation contains certain forward-looking statements that are based on current expectations and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Except as
Slide 3: Quarterly Results & Guidance
QUARTERLY RESULTS & GUIDANCE WIN Semiconductors Confidential 3
Slide 4: Revenue & Margin Trend
Revenue & Margin Trend 1Q21 revenue was NT$6,009m, down 12% QoQ and down 1% YoY. 1Q21 gross margin declined by 1.5 pp sequentially to 33.5% and operating margin declined by 4.4 pp to 19.9%. The declines were mainly attributable to changes in product mix and a decline in capacity utilization rate
Slide 5: Earnings Trend
Earnings Trend 1Q21 net profit was NT$ 1,095m, down 14% QoQ and down 30% YoY. EPS came in at NT$2.72, compared to NT$3.07 in 4Q20. Earnings & growth trend NT$ EPS NT$M 2,500 1000% 5.00 4.50 800% 2,000 4.00 600% 3.50 1,500 3.00 400% 2.50 1,000 200% 2.00 500 1.50 0% 1.00 0 -200% 0.50 2Q19 3Q19 4Q19
Slide 6: FCF & Gearing Trend
FCF & Gearing Trend In 1Q21, as our capex was lower than the previous quarter, we had an increase in net inflow of free cash flow. Due to the issuance of ECB in 1Q21, our interest-bearing debts and gearing ratio both increased materially. NT$M Free cashflow NT$M Interest-bearing debts & gearing
Slide 7: Product Mix
Product Mix 1Q20 Others* 15% Wi-Fi 15-20% 1Q21 Cellular Others* 40-45% 19% Infra. 20-25% Wi-Fi 4Q20 15-20% Cellular 45-50% Others* 22% Infra. Cellular 40-45% 15-20% Wi-Fi 15-20% * Others: Revenue not attributable to main product segments and additional Infra. revenue being consolidated in accordance
Slide 8: 2Q21 Guidance
2Q21 Guidance We expect 2Q21 revenue to grow by low-single digit QoQ. We expect 2Q21 gross margin to be around the level of low-thirties. WIN Semiconductors Confidential 8
Slide 9: Financial Summary
FINANCIAL SUMMARY WIN Semiconductors Confidential 9
Slide 10: Consolidated Statements of Comprehensive Income - Quarterly
Consolidated Statements of Comprehensive Income - Quarterly 1Q'21 Unit: NTD Million 1Q'20 4Q'20 QoQ YoY (unaudited) Net revenue 6,071 6,861 6,009 -12% -1% Gross profit 2,611 2,399 2,012 -16% -23% Gross margin (%) 43.0% 35.0% 33.5% Operating expenses (673) (735) (816) +11% +21% Operating expenses rat
Slide 11: Non-operating Items
Non-operating Items 1Q'21 Unit: NTD Million 1Q'20 (unaudited) Foreign exchange gains (losses) 64 191 Gains (losses) on disposals of property, plant and equipment (1) (5) Gains on financial assets (liabilities) at fair value through profit or loss, net (57) 78 Share of gians (losses) of associates an
Slide 12: Consolidated Balance Sheets
Consolidated Balance Sheets 2021/3/31 2020/3/31 2020/12/31 (Unit: NTD Million) Major Item (unaudited) $ % $ % $ % Cash and cash equivalents 4,812 11% 8,356 15% 22,334 32% Current financial assets at fair value through profit or loss 587 1% 756 1% 896 1% Notes and accounts receivable, net 2,297 5% 2,
Slide 13: Q&A
Q&A For more information regarding WIN www.winfoudry.com For all inquiries, suggestions, and comments ir@winfoundry.com WIN Semiconductors Confidential 13